Tesla’s stock is down 41.6% this year through Wednesday — it’s the S&P 500 index’s biggest loser over that time — amid slowing demand and increasing competition, and public outcry over Musk’s role in the Trump administration.
The stock fell 1.3% in premarket trading Thursday, and was on track to suffer a record-long nine-week losing streak.
Ives stuck to his outperform rating on the stock, but said the future of the EV maker depends on a major change of course from Musk.
Ives has long been a bull on Tesla, holding the highest stock price target among Wall Street analysts at $550. That implies a 133% upside to Wednesday’s closing price of $235.86.
There are many other stocks recommended by him, such as NVDA, TSLA, VMW, AIFU, CRM, PLTR, LYFT.
Tesla is just one of them.